5 Myths About Freelancing

What myths have you heard about freelancing??Internet access is continuously growing across the world. Thanks to this, it’s never been easier to monetize your skills and interests without needing to apply for a full-time job.

But with an increasing number of people working for themselves, a whole range of myths about freelancing have also popped up. When setting up their fledgling business, many new freelancers face a barrage of concerns from family, friends, and former colleagues. These concerns focus on the potential downsides of freelancing and, while well-meaning, can quickly lead to?negativity and fear.

Fear has a pernicious way of holding you back and directing you to decisions that might not be the most profitable. Thankfully, many of the prevalent views people have about freelancing are myths, born from a lack of knowledge.

Once you can quickly identify these falsehoods, you’ll be in a better position to move forward through the fear and uncertainties. Before becoming a freelancer, it’s worth reading up on common misconceptions and separating facts from fiction. In this article, we’ll reveal five freelancing myths you should ignore.

Myth #1?— There’s no job security

Arguably the most common myth about freelancing is that it’s riskier than a “stable” job. This argument has some logic; a 9-5 will give you a regular paycheck and benefits. However, one could argue that having a full-time job carries a more considerable risk than freelancing. Let’s say you work for a single company as an employee. If you lose your job, you lose all of your income. But if you’re freelancing, the loss of a single client is generally only a percentage of your income. It might be a significant percentage, but it’s not all of your income. Replacing a single client can be much easier than finding another full-time job. And this is especially true in times of economic turmoil.

Myth #2?—?You can’t earn good money as a freelancer

Another common myth is that freelancers can’t earn good money and that you’re always going to be a starving artist.

In the beginning, you’ll need to bootstrap yourself. But if you play your cards right, freelancing can be a very lucrative way to make a living. As you gain more experience and grow your network, more people will come to you with work. On top of that, you’ll also become more comfortable with negotiating.

According to a?study cited in 2018, 3.3 million freelancers were earning $100,000 or more per year. It’s not easy to make six figures, but with millions managing to do just that, it’s certainly not impossible. Many new and experienced freelancers make frequent errors in undercharging for their services and relying on third-party freelancing platforms. The result is a race to the bottom of the earning barrel as each freelancer tries to undercut the rest. A better route forward is to work on your brand, your niche focus, your skills, your marketing knowledge, and your?pricing strategies. By doing so, you can begin to charge higher rates and, ultimately, reach income levels you might not currently imagine are possible.

Myth #3?—?Freelancing means that you don’t have a boss

In some ways, freelancing means being your own boss. After all, you can set your hours and choose how much you’d like to work. But to think that it means you don’t have a boss is misguided.

If anything, being a freelancer means that you have more bosses than you ever would have had in your full-time job. Every client has different demands, and some will be more hands-on than others.

On top of it, you have to be your own boss while freelancing. As your own boss, you’ll need to keep yourself accountable for getting your work done when it needs to be done. You’ll also have to manage your time effectively and make sure administrative tasks like bookkeeping and marketing are done regularly.

When working with clients, you’ll need to manage their expectations effectively while also upholding your end of the work agreed to. If your client is unhappy with your work, they can not only fire you, but they might also withhold payment.

Myth #4?— Freelancing is not a “real” business

Freelancing is just as much of a “real” business as any other.

You have all of the same responsibilities as any other business owner. You’ll still need to handle budgeting and accounting, marketing and promotion, and legal concerns. Doing this on your own can be tedious and time-consuming, keeping you from what makes you passionate.

Some freelancers decide to set themselves up as an agency, even if they’re working solo. This can have some advantages when working with larger clients, especially, since it can give a sense of legitimacy that a freelancer who simply calls themselves a freelancer might not have.

If you’re considering this route, it’s probably wise to talk to an accountant or lawyer about the advantages and disadvantages of different business types.

Myth #5?—?Freelancing requires qualifications

A worry that some people have before setting up a freelancing business is whether they need specific qualifications or certifications. With freelancing in general, you don’t need any form of accreditation or training to begin offering your services. You simply need to know how to help your clients. Even if you are a college teen or 42-year-old in a full-time role, you can become a freelancer. What you need to do, is to learn 1 or 2 skills and do this to a competent level, and demonstrate this with case studies or a portfolio. It may be video editing, motion graphics, grading, whatever it is, pick at least one skill set and offer this to the world. Choose one skill that you are incredibly passionate about and develop it till you’re confident in taking on your first client.

Don’t Get Caught Up in These Freelancing Myths

When you’re an established freelancer, you’ll enjoy the flexibility and fulfilment that a full-time job might never have provided. Over time, you might also find that your income increases beyond anything you ever could have imagined. Being self-employed isn’t for everyone, and understanding the true meaning of what it means to freelance is key to deciding whether it’s a good fit. Like any career path, it’s important to weigh the pros and cons compared to what’s important to you. So, If you're ready to launch your freelance career,?click here to learn everything from getting your first client to scaling your freelance business to 6 figures.